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Friday April 30, 10:49 am Eastern Time Company Press Release First South Africa Shareholders Approve Change of Name to Leisureplanet Holdings, Ltd., Reflecting Company's New Strategic Direction George R. Garrick, President/CEO of Flycast Communications, Elected to Board of Directors MIAMI and JOHANNESBURG--(BUSINESS WIRE)--April 30, 1999-- Company Narrowing Focus; Europair Africa Business Sold to Management First South Africa Corp., Ltd. (Nasdaq: FSACF - news) today announced that at its Annual Meeting yesterday, the Company's shareholders overwhelmingly approved the changing of the Company's name to Leisureplanet Holdings, Ltd. (new Nasdaq ticker symbol: LPHL). The name change reflects a shift in the Company's strategic focus following its recent acquisition of an 81 percent stake in Leisureplanet (www.leisureplanet.com), a global Internet-based travel services provider that recently established strategic partnerships with European affiliates of Yahoo! and Lycos. The change of company name and ticker symbol will take effect on or about Tuesday, May 4, 1999. The Company's shareholders also voted to elect George R. Garrick, president and chief executive officer of Flycast Communications Corporation, a leading Web advertising network, to the Company's Board of Directors. Mr. Garrick has headed the two largest marketing measurement companies in the United States: IRI North America, a subsidiary of Information Resources, Inc., and A.C. Nielsen Marketing Research, a subsidiary of Dun & Bradstreet. He joined Flycast in 1998, and during his tenure with that company, its annual run-rate revenues have grown from $3 million to more than $20 million. Separately, the Company announced that it has sold its Europair Africa subsidiary to the unit=s management team for $1.6 million in cash. Clive Kabatznik, Chief Executive Officer of First South Africa, said: ''Each of the initiatives our shareholders approved today, as well as the sale of Europair Africa, is a reflection of our company's new strategic focus and direction. We strongly believe that Leisureplanet is exceptionally well positioned to take advantage of the significant growth opportunities that the Internet presents, particularly with its focus on European markets. As such, we regard Leisureplanet as the core holding in our investment portfolio and as the key driver toward our goal of building long-term shareholder value. Therefore, we have given our company the Leisureplanet name, which better reflects the shift in our investment focus. ''George Garrick brings to our Board of Directors a strong track record in establishing and running successful Internet-based enterprises. As president and CEO of Flycast, he has been instrumental in growing that company's annual run-rate revenues from $3 million to more than $20 million. Moreover, he possesses extensive marketing and e-commerce experience that will be invaluable to our efforts to grow Leisureplanet into a preeminent online travel services business. ''With the Leisureplanet acquisition, we have made a decisive move to focus our activities in businesses that we believe have the potential to become stand-alone public entities. With the shift in our strategic focus, we plan to divest businesses that do not meet this criterion. While Europair Africa is one of South Africa's leading air conditioning and refrigeration suppliers, it is a non-core asset for our company. Europair's current management team has consistently demonstrated its strong commitment to the business and we are pleased that they have stepped forward to make this acquisition. We are confident that under this team's capable leadership, Europair Africa is well-positioned for long-term success. ''Our investment in publicly traded First Lifestyle Holdings, which is currently worth approximately $47 million, will now be the focus of our South African operations. Future acquisitions by Leisureplanet Holdings will focus on areas complementary to Leisureplanet itself. In addition, we will continue to operate the Leisureplanet online travel services business as an independent company and provide it with additional financial and management resources in order to fulfill its business plan and maximize its value for our shareholders,'' Mr. Kabatznik concluded. Leisureplanet Holdings, Ltd. is a publicly traded investment company whose holdings include an 81% stake in Leisureplanet, a global Internet travel services provider, as well as businesses in various industries, including value-added convenience foods and leisure products. The statements contained in this press release that are not historical facts are forward-looking statements that involve certain risks and uncertainties, including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the Company's filings with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: Roy Winnick or Mark Semer Kekst and Company 212-521-4842 or 4802 or Rebecca Freeman First South Africa (305) 857-5009 -------------------------------------------------------------------------------- More Quotes and News: First South Africa Corporation Ltd (Nasdaq:FSA | ||||||||||||
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